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      "text": "Quantumscape Q4 FY2020 “Letter to Shareholders”, Feb 16, 2021",
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      "text": "The contrived phrasing suggests that Quantumscape is trying to mislead investors into thinking that this is the first time they’ve made multi-layer cells, when all they’re saying is that this is the first time they’re talking about it.",
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      "text": "On Feb 16, 2021 QS announced with fanfare that it has finally made a multilayer cell. The stock jumped 31%. However, note the telling placement of a key phrase: \"We are please to report for the first time that we have made 4-layer multi-layer cells in the 30x30mm form factor...\"",
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      "text": "The contrived phrasing suggests that Quantumscape is trying to mislead investors into thinking that this is the first time they've made multi-layer cells, when all they're saying is that this is the first time they're talking about it.",
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      "text": "We are pleased to report for the first time that we have made 4-layer multilayer cells in the 30x30mm form factor, and we have now seen close to 800 cycles at 30°C with over 90% capacity retention at both C/3 and 1C rates — substantially similar to the single-layer cells we reported in December. — Quantumscape Q4 FY2020 “Letter to Shareholders”, Feb 16, 2021",
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      "text": "Source: https://s26.q4cdn.com/263384136/files/doc_financials/2020/q4/QS-Shareholder-Letter-Q4-2020.pdf",
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      "text": "We are pleased to report for the first time that we have made 4-layer multilayer cells in the 30x30mm form factor, and we have now seen close to 800 cycles at 30°C with over 90% capacity retention at both C/3 and 1C rates...",
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      "text": "4) Multi-layer cells: a fraudulent narrative to cover-up a failure",
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